On Friday, major cryptocurrencies displayed mixed patterns, indicating that they are entering a consolidation phase. There is optimism that bullish momentum may be returning after last week’s market fall, with the world’s largest cryptocurrency trading at $48,578 at the time of writing. In comparison to the previous day, the overall crypto market cap climbed by a percent to $2.17 trillion.
Despite strong support, Bitcoin price has been battling to hit $50,000. Although the bulls have tried and failed on several occasions to build enough purchasing pressure to break $48,000, they have finally succeeded this time. Bulls gained a significant amount of ground after passing $47,000, with resistance shifting up towards $50,000.
It’s worth noting that Bitcoin’s inability to close above $50,000 on a consistent basis indicates that it’s now suffering from underlying weakness. However, the coin’s probable resistance levels are $52,000, $54,000, and $56,000, while important supports are $43,000, $41,000, and $39,000, as the technical indicator Relative Strength Index is currently hovering above the 60 levels.
$100K is Real!
Mike McGlone, the chief commodity strategist at Bloomberg Intelligence, believes bitcoin will surpass $100,000 before the end of the year, noting that bitcoin has a consistent average annual price growth, contrary to common belief.
McGlone indicated in his tweet that Bitcoin is anticipated to make a “big increase in 2021,” maybe reaching $100,000.
According to Cathie Wood, CEO of ARK Invest, the bitcoin price could reach $500,000 in the next five years. However, she feels that a few of significant industries must use Bitcoin in their financing for Bitcoin to reach such a milestone.